KUALA LUMPUR: The Defence Ministry has persisted with the Armed Forces Fund Board's (LTAT) statement that former chairman General (Rtd) Tan Sri Raja Mohamed Affandi Raja Mohamed Noor had retired and not resigned.
"The ministry acknowledges the resignation and retirement of the esteemed chief executive and chairman of LTAT," Defence Minister Datuk Seri Mohamed Khaled Nordin told Business Times when contacted.
"We respect their decisions and extend our sincere gratitude for their contributions to LTAT's journey since 2021."
Uncertainty surrounded Raja Affandi's departure from his role as chairman of LTAT with speculation over whether he retired or resigned.
LTAT announced on Thursday that Raja Affandi had retired with immediate effect.
However, in a letter addressed to Defence Ministry secretary-general Datuk Seri Isham Ishak sighted by Business Times, Raja Affandi stated that he had resigned.
"I didn't retire, I resigned. Being fired, retiring and resigning are different. So, when we resign, there's a clear difference," he subsequently clarified in response to LTAT's statement announcing his retirement.
When asked whether the issue of Boustead Holdings Bhd's restructuring and group governance was the reason he resigned, Raja Affandi declined to comment.
Instead, he said it was necessary to preserve the existence of the LTAT institution as best as possible.
Raja Affandi's departure came just a week after chief executive Datuk Ahmad Nazim Abdul Rahman tendered his resignation.
Nazim served LTAT for 31 months since his appointment to the post on June 15, 2021.
The two departures came a month after it was reported that LTAT's planned restructuring had been put on hold.
Meanwhile, Khaled said he was currently looking at LTAT's plans and assessing the potential consequences on the fund's ecosystem, all with the objective of benefitting its shareholders.
He added that the ministry was engaging with all stakeholders, seeking their perspectives on the best course of action regarding LTAT and its affiliated entities' plans.
He noted that LTAT was resolutely steering through this transitional phase.
Khaled said the operations were proceeding seamlessly, as LTAT has diligently orchestrated and executed comprehensive plans for the current year, showcasing its unwavering commitment to success.
He also stressed that the decision-making authority rests within the domain of LTAT, where any successor will be obliged to adhere to the mandates prescribed by the government.
